Chinese Magnate Says Backed by ‘Jewish American’ Financier in Bid to Buy New York Times

January 3, 2014 12:55 pm 6 comments
Office of The New York Times, in New York City. Photo: WikiCommons.

Office of The New York Times. Photo: Wiki Commons.

A Chinese magnate who has expressed an interest in buying The New York Times said that he is backed by a “Jewish American” financier to the tune of $600 million, Reuters reported on Friday.

Chen Guangbiao, 45, whom Reuters described as an “oddball” recycling magnate who has never acquired a company nor worked in the media industry, said that he has retained a financial services firm to assist him in the takeover bid.

Chen’s stated offer of $1 billion is far below The Times’s current market value of $2.4 billion, and according to Reuters it is highly unlikely that the Ochs-Sulzberger clan which controls the publication would sell to Chen, who is known for his publicity stunts.

Chen further described his Jewish partner, whom he said wished to remain anonymous, as someone who has worked in finance in Hong Kong and speaks fluent Chinese. The financier has previously completed two acquisition deals with U.S. media outlets, Chen said, declining to name them, though he added neither is as big as The Times, Reuters said.

Hurun’s Rich List of China’s super-wealthy estimates that Chen is worth $740 million. He is also known for his substantial philanthropic activism.

6 Comments

  • If the deal is done and the NYT is sold to Mr Chen Guangbiao, will its name remain the same or will it acquire a new name like “New China Times?”
    Results are eagerly awaited

  • aye bless israel

    How could they stoop down so low from their original purpose and dignity in Israel for the sake of a little cheapie oil money and motley academism?

    Genesis 12:3 I will bless those who bless you, and him who dishonors you I will curse, and in you all the families of the earth shall be blessed.

    am yisrael chai

  • Unless it is bought by some Arab satrapy, nothing can make the NY Times worse than it has been for many and many decades about any Jewish issue or Israel.
    After unbelievable and constant falsity I cancelled my subscription at the time of the First Intifada, when it became intolerable for any truth seeker, in spite of A.M Rosenthal and William Sapphire, who were very distant from the editorial line and the constant pseudo-news.
    The NY Times is the paper that published items about Jewish massacres of tens of thousands in Europe during the Shoah on page six without even a title, right next to shoe shopping and similar yet with big titles.
    No one can be worse than an assimilated and assimilationist former-Jewish family, always concerned about not being thought of as Jews by being “too Jewish”.

  • New York Times won the Honestreporting Dishonest Award for 2013.

    I hope the Jewish financier isn’t Soros in a bid to keep the same trend going.

  • Prof Asher J Matathias

    Were the transaction to be consummated, it will sadly end a tradition of the Ochs family in control of America’s premier newspaper, and the pride of our city, The New York Times. The proposed acquisition would be the more galling, for being acquired prospectively by an heir who stands in antithesis to American capitalism, a Chinese man who has sprung from the ostensible Communism of authoritarian China! The irony, of course, is that our economy adheres to globalism, when others continue to wrap themselves with the mantle of jingoism, abd protectionism! Care must be exercised here.

    • All too true. However, perhaps a new owner would reinstate journalistic ethical standards. The New York Times WAS the preeminent newspaper in the US. However, their naked bias against Israel on every issue, and the lacking even of a pretense of fairness, might be corrected by a less bigoted owner group.

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